The Brooklyn Effect!? In San Antonio?

[Collin Corrington]

Read this article on The Morning Brew:

Rent for a one bedroom apartment in San Francisco plunged nearly 12% year-over-year in June, according to apartment rental platform Zumper. That’s a record decline for the city and the largest drop of any market in the country.

Big picture: What’s happening in SF is happening in large cities across the U.S.

• Zumper’s calling it the “Brooklyn Effect”—when people move from expensive cities to less expensive cities close by (could probably use a name change at this point).
• Prices in two of those cheaper cities, Sacramento, CA, and Providence, RI, rose around 5% last month while the majority of the most expensive markets trended down.

Why is this happening? Cities are for work and play. As more employers embrace remote work and bars prove to be a popular coronavirus hangout, overpriced apartments lose their appeal—even if they were once great pregame spots.

But the effect is most pronounced in the tech hub of San Francisco, where companies are 1) more likely to implement “work from anywhere” policies or 2) have shed jobs as the pandemic crushed their business.

I've heard horror stories about Real Estate Prices in the Bay Area, but do you think this could bleed into the San Antonio market since so many Californian's are "infesting" Texas?  Or perhaps, is this migration beginning the cycle?